MILAN (Reuters) – Carmaker Stellantis said on Wednesday it launched its first venture capital fund aimed at investing in startup companies developing technologies that could be deployed within the automotive and mobility industries.
The fund, called Stellantis Ventures, will initially invest 300 million euros ($330 million) both in early- and later-stage startups, the company said in a statement.
The decision is part of Stellantis’ wider strategy spelled out earlier this month in the company’s first business plan.
Chief Technology Officer Ned Curic said the creation of the fund was part of the group’s effort to transform into a “mobility tech company.”
“Stellantis Ventures will accelerate our transformation as we adopt new technologies developed by innovative startups, while fostering their growth potential,” he said.
The car maker said its venture capital fund would act as a “strategic investor” and help startups integrate new technologies within the group in reduced timeframes.
Investments will target areas such as sustainability, competitiveness and in-vehicle technology as well as vehicle marketing, sales and finance.
($1 = 0.9096 euros)
(This story refiles to fix typo in fourth paragraph)
(Reporting by Giulio Piovaccari; Editing by Mark Porter)
